The domestic payments system in India has grown by leaps and bounds in the last decade, thanks to innovations in real-time payments infrastructure like the Unified Payments Interface and the emergence of digital-first payment methods such as e-wallets. Today, domestic digital payments are convenient and fast. Cross-border payments, however, still lag behind domestic payments in terms of cost, speed and convenience.
With increased globalization, it becomes imperative that cross-border money movement become as easy, fast and convenient as domestic payments. Cross-border remittances are known to help boost consumption and help economic development and could lead to increased financial inclusion if formal banking channels become more efficient. The growing use and access of the internet, email, social media channels and messaging services have democratized the global exchange of information, hitherto reserved for a privileged few. It is inevitable that this would be the trend seen in the movement of money as well.